PHL Finance,the NBFC arm of Ajay Piramal-promoted Piramal Healthcare,is buying 51% stake for Rs 150 crore in a special purpose vehicle (SPV) floated by Bagmane Developers to develop its 27-acre mixed development project in Garudacharpalya in Whitefield.
Sudha Ravi,CEO of PHL Finance,and Raja Bagmane,MD of Bagmane Developers,declined to comment on the matter.The Bangalore-based real estate company bought 27 acres in Garudacharpalya for Rs 270 crore or Rs 2,300 per sq ft from Hyderabad-based Indu Projects.Mahender Basani,CFO of the Hyderabad-based firm,said,We havent closed the deal yet.
Sources in the real estate industry told that Total Environment and Shriram Properties were also in the running to buy that land parcel.The 27-acre land is a strategic fit for Bagmane,considering its accessibility to Bagmane World Technology Centre on Outer Ring Road.
Bagmane has a land bank of over 150 acres in Bangalore spread across C V Raman Nagar,Outer Ring Road and Devanahalli.
Land transactions in Whitefield have picked up speed since the second half of last year.Whitefield continues to be a priority destination for corporate occupiers,with absorption of around 0.18 million sq ft in the Jan-March quarter this year leading to a dip in vacancy rates as compared to the previous quarter,said a report by real estate consultancy CB Richard Ellis.
Some of the key leasing transactions include Polycoms 41,260 sq ft in Brigade Summit and Times Incs 35,000 in RMZ Nxt.Capgemini and HUL are taking up 4 lakh and 2.5 lakh sq ft of commercial space in the area,said sources in the industry.
Clinical research organization Quintiles leased 2.5 lakh sq ft on Outer Ring Road recently.Whitefield has emerged as a self-contained hub with IT occupiers expanding in the region.This is driving residential demand that is positively impacting land values, said Ram Chandnani,deputy MDSouth India,CB Richard Ellis.
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